is buying India’s Flipkart.  continues over on technology to control the e-commerce market compete against Amazon. The company finally it official. Because the giant corporation is acquiring Flipkart.

largest retailer will take control soon. the Bengaluru-based e-commerce company for its biggest acquisition ever, Softbank chief executive officer Masayoshi Son said in an earnings webcast today, as per Bloomberg.

Softbank’s 20% stake in Flipkart valued at about $4 billion.  (Rs27,000 crore). Son said, adding that he had invested $2.5 billion in the company. Son did not share any further details the transaction.

is purchasing Flipkart. Last night was the announcement. I believe the deal was reached the money about 2.5 billion that we have invested has turned out to be 4 billion.” Son said.

The acquisition may cost around $15 billion, according to a previous estimate by Bloomberg.

Amazon was also reportedly in the fray to acquire Flipkart went far enough to offer a “breakup fee” of up to $2 billion to prove its seriousness. A breakup fee penalty has set during the takeover process. This agreement will pay if the target backs out the deal.

However, managed to seal the deal is now in a to take the fight to Amazon in India’s e-commerce market, which is estimated to grow over 13 times to $200 billion by 2026.

A giant leap

The deal marks a significant milestone for Flipkart.

started in 2007 as an online bookstore operating out the Bansal duo’s two-bedroom apartment in Bengaluru. Flipkart is now the most-valued new-age internet company in the country. With around 30,000 employees. It is also one of the highest-funded private companies in the world. Which has given a giant like Amazon a tough time in India during the last five years?

An internet business worth billions backed marquee investors like Softbank, Tiger Global, DST Global, Accel Partners, among many others, Flipkart helped break India’s image as just back office.

Let the battle begin

Following this deal, the Indian e-commerce space will now become a battlefield for two American behemoths: Walmart Amazon.

The two companies have been fiercely competing against each other in the US, including acquiring smaller players. Flipkart’s acquisition widely considered as an extension the battle.

“In the US, is the only formidable competitor left for Amazon. has been growing its e-commerce operations a lot Amazon has increased its footprint with physical stores,” Kartik Hosanagar, a professor technology digital business at the University Pennsylvania’s Wharton School, told Quartz last week.

’s looming investment in Flipkart reflects that. is fighting Amazon Alibaba in China through its partnership with JD. I suspect something similar will happen in India through a partnership with Flipkart,” he added.